Some Fundamentals on Home Mortgages

Ten Home Mortgage Basics :

1. The first step in getting a home mortgage loan is to gather all the information you'll require to include in a loan application.
2. Next, review your credit report by ordering a copy from the credit bureaus used by local mortgage lenders.
3. Prequalifying for a home loan lets you know how much you can afford and makes you a more attractive buyer.
4. Conventional mortgages limit housing costs to 28% of gross income and total debt payments to 36% of gross income.
5. Mortgage terms are usually 15 or 30 years. The longer the term, the lower your monthly payment, but the higher your overall interest costs.
6. Thirty-year mortgage loans often permit additional principal payments. One additional monthly payment per year will reduce a 30-year loan to 22 years.
7. Interest rates are fixed or variable over the term of the loan. Variable rates may be best for buyers who plan to sell within three years.
8. Generally speaking, one interest rate point is worth 1/8 of 1% off the loan rate.
9. Points and interest on mortgages or home equity debt are usually tax deductible.
10. A balloon payment is a lump sum payable at the end of a specified term.

Three Steps to Finding the Right Mortgage Loan For Your Home :

1. Estimate how long you plan to live in the house. If the answer is around three to five years, consider an Adjustable Rate Mortgage (ARM),which typically starts out with a lower rate. If you plan to live in your new home longer than five years, a fixed-rate mortgage offers better protection against rising interest rates.
2. Shop around for rates. Banks, credit unions, and mortgage companies all offer mortgages. Compare at least 6 lenders in your vicinity.
3. Add up all the costs for each mortgage loan lender. Include fees, points, closing costs, etc., to arrive at the total cost for each lender.

I hope the above will provide you with some basic knowledge on home mortgage loans and how to deal with them.  Again, never take things for granted or you may end up in a worst off situation.

Welcome and General Introduction

Thank you for visiting my blog !

To my Google group members, welcome and I hope you enjoy and continue to visit my blog on mortgage and loans.  And keep on sending me the latest updates in your neighbourhood !

To start off, if you are looking for a housing loan, there are in fact many agencies with tons of mortgage and equity loan information online. So Google them, search and request for free quotes. Find a few that suits you and call them up for a confidential consultation.

Make sure you read all the fineprints and do your due calculation to ensure that you are able to afford the monthly servicing of your mortgage loan.

Okay, this is the gist of what my blog is about : on mortgage and equity loans :)  Thanks guys !

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